Rehabbing question........ - Posted by Corey ND

import · January 10, 2003, 7:03pm

Posted by Mark-WV on January 12, 2003 at 20:25:28:

Cory,
I don’t worry so much as others here about the libiity stuff. We are still kinda back woods and the people here haven’t jumped on to the sue ya craze !!

It’s still pretty neat though, you can still kick someone out of your house and not worry with lawyers ,just give them notice and 5 days there out of there.If they persist you can get a cop to throw them out or do it your self and save 50 bucks.

import · January 10, 2003, 7:03pm

Rehabbing question… - Posted by Corey ND

Posted by Corey ND on January 10, 2003 at 20:03:39:

Looking to possibly relocate to MN from ND. Want to buy and rehab properties in the Minneapolis / St. Paul area.

I am wondering if it is OK to use your own “labor” to rehab the property? OR do you have to hire “contractors” to do the work? I know you probably need licensed contractors to do certain trades like electric but what about the nails and wood part? My thought is this. I know that during the winter I can find several contractors from back home in ND who can use some extra work for a much lower price than in the MSP area. Hire them on an hourly or even per job basis to help me with the renovation work. BUT they would not be licensed in MN or Minneapolis. I would just hire them to work for me. Hope you understand my question. Does anyone else hire “workers” to work on your rehabs or do you hire actual “licensed contractors”? And they could stay in the property while in the area.

Thanks,
Corey

import · January 11, 2003, 7:29pm

Re: Rehabbing question… - Posted by Mark-WV

Posted by Mark-WV on January 11, 2003 at 20:29:15:

Cory,

I do what you are asking on almost all of my houses.I buy then fix with labor that is out of work,on disability,welfare, ssi ect.

Most of the towns I but in do not have any codes or enforcement. Some do and more are starting every year.

I even use contractors but pay cash or have them cash the check at my bank to keep it from showing up on their records at their own bank,saving me about 30% on the job total.

import · January 10, 2003, 8:45pm

Re: Rehabbing question… - Posted by Jim Kennedy - Houston, TX

Posted by Jim Kennedy - Houston, TX on January 10, 2003 at 21:45:02:

Hi Corey,

Two questions.

How do you plan on funding the acquisition of the subject properties?
How do you plan on funding the rehab work?

Best of Success!!

Jim Kennedy,
Houston, TX

import · January 10, 2003, 7:20pm

Re: Rehabbing question… - Posted by Steve Ga

Posted by Steve Ga on January 10, 2003 at 20:20:15:

You should be able to use your own labor except on items that require a permit and inspection such as hvac,electrical and plumbing. Go and apply for a residential alteration permit first and see if they require you to be a licensed contractor,if not you should be okay.

Steve

import · January 11, 2003, 10:58pm

Re: Rehabbing question… - Posted by Corey ND

Posted by Corey ND on January 11, 2003 at 23:58:22:

Mark,

Kind of what I thought. Just wanted to see if others were doing the same. I understand there is probably some liability associated with the matter but I would take that into account.

Thanks for the reply.

Corey

import · January 11, 2003, 8:19am

Re: Rehabbing question… - Posted by Corey ND

Posted by Corey ND on January 11, 2003 at 09:19:30:

Jim,

All depends on the deal. Conventional financing if nessary.

Pay for rehab with personal $$ if nessary.

Have been investing for several years here so plan on liquidating what I have to start over. Should leave me enough to get started in MSP.

Thanks,
Corey